German shares gain 1.42pc at start of trading

BERLIN (Xinhua) – German stocks were off to a good start yesterday, with the benchmark DAX index rising 181.17 points, or 1.42 per cent, opening at 12,945.97 points.

The biggest winner among Germany’s largest 30 companies at the start of trading was chipmaker Infineon, increasing by 2.59 per cent, followed by car manufacturer Daimler with 2.24 per cent and chemical giant BASF with 1.83 per cent.

Shares of RWE increased by 0.58 per cent. The German energy company showed the smallest gains at the start of trading yesterday followed by telecommunications company Deutsche Telekom and housing company Vonovia both increasing 0.74 per cent.

Yesterday the Federal Statistical Office (Destatis) announced that in the first six month of the year roughly 58,000 “larger businesses” were started in Germany whose legal form and number of employees suggest that they have greater economic importance, marking a decline of 9.4 per cent year-on-year. The decline was also “due to special effects caused by the coronavirus pandemic”, according to Destatis.

The yield on German 10-year bonds went up 0.005 percentage points to minus 0.502 per cent, and the euro was trading almost unchanged at USD1.1797, decreasing by 0.01 per cent yesterday morning.